You must carry out customer due diligence measures when your business carries out occasional transactions.

When to apply customer due diligence for occasional transactions a change in the ownership structure of a business.a big change in the level or type of business activity.carry out further due diligence measures if necessary.amend your risk assessment of a particular customer if their circumstances change.You need to keep up-to-date information on your customers so that you can: The changing circumstances of your customers the expected level and type of activity that will take place in your relationship.details of the relationships between signatories and any underlying beneficial owners.copies of recent and current financial statements.the source and origin of funds that your customer will be using in the relationship.details of your customerвЂ™s business or employment.The type of information that you need to obtain may include: the intended nature of the relationship - for example where funds will come from, the purpose of transactions, and so on.When you establish a new business relationship you need to obtain information on: It can be a formal or an informal arrangement. carry out an вЂoccasional transactionвЂ™ worth в‚¬10,000 or moreД¬ustomer due diligence when youвЂ™re establishing a business relationshipДЄ business relationship is one that you enter into with a customer where both of you expect that the relationship will be ongoing.make a payment to a supplier worth в‚¬10,000 or more.if you are not a high value dealer, when you carry out an вЂoccasional transactionвЂ™ worth в‚¬15,000 or more.when itвЂ™s necessary for existing customers - for example if their circumstances change.when you have doubts about a customerвЂ™s identification information that you obtained previously.when you suspect money laundering or terrorist financing.when you establish a business relationship with a customer (or another party in a property sale).You must apply customer due diligence measures: When you need to apply customer due diligence measures If you have doubts about a customerвЂ™s identity, you must stop dealing with them until youвЂ™re sure.

This may be because someone else is acting on behalf of another person in a particular transaction, or it may be because you need to establish the ownership structure of a company, partnership or trust.ДЄs a general rule, the beneficial owner is the person whoвЂ™s behind the customer and who owns or controls the customer, or itвЂ™s the person on whose behalf a transaction or activity is carried out. You also need to identify the вЂbeneficial ownerвЂ™ in certain situations. Other sources of customer information include the electoral register and information held by credit reference agencies such as Experian and Equifax. The best way to do this is to ask for a government issued document like a passport, along with utility bills, bank statements and other official documents. photograph on an official document which confirms their identity.In practice this means obtaining a customerвЂ™s: Customer due diligence requirements What customer due diligence isД¬ustomer due diligence means taking steps to identify your customers and checking they are who they say they are. The nature of these controls will depend on the size and complexity of your business, including the number of customers you have and the number and type of products and services you provide. You must also put in place internal controls and monitoring systems. These include carrying out вЂcustomer due diligenceвЂ™ measures to check that your customers are who they say they are, and risk assessing your business. You must meet certain day-to-day responsibilities if your business is covered by the Money Laundering Regulations.

Currency transaction report